E6-5 (Algo) Evaluating the Annual Interest Rate Implicit in a Sales Discount with Discussion of Management Choice of Financing Strategy L06-1 Clark's Landscaping bills customers subject to terms 3/30, n/60. Required: 1. Compute the annual interest rate implicit in the sales discount. 2. If his bank charges 16 percent interest, should the customer borrow from the bank so that he can take advantage of the discount? Complete this question by entering your answers in the tabs below. Compute the annual interest rate implicit in the sales discount. (Use 365 days in a year. Do not round intermediate calculations. Enter your answer as a percentage rounded to 2 decimal places (i.e. 0.1234 should be entered as 12.34).)